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Putting A Price on Carbon: Nations Opt For Market-Based Solutions

Xueman Wang's picture

 Curt Carnemark/World Bank

Climate change is a threat to global development and to poverty alleviation. And yet, reducing greenhouse gas emissions is proving difficult because all players in an economy contribute to the problem. To make a difference, we must reduce our emissions in a coordinated manner.

This is no easy task. So where do we go from here?

One approach involves pricing the “externalities” that are contributing to climate change. Pricing externalities into the costs of production is nothing new. A classic textbook example is the paper mill that sits upstream from a fishing village.

Discharge from the mill pollutes the river, diminishing the fishermen’s catch. The mill freely uses the water of the river in its production of paper, but does not pay for the damage of the negative externality that it causes. To remedy the situation, regulations can be put in place to stop waste from going into the river – or the mill can pay a fine equivalent to the loss of the fishermen’s revenue.

The latter is an example of an externality priced into the cost of production. The same can be done to combat climate change.

In this case, carbon emissions are the externality that must be priced. Doing so provides a cost-effective and efficient means to drive down greenhouse gas emissions as the cost of such pollution goes up.

The Tobacco Dilemma: Corporate Profits or Customers’ Health?

Patricio V. Marquez's picture


Photo courtesty Creative Commons

For those of us who have been impacted by the death of loved ones due to the negative health consequences of smoking, the recent announcement by Larry Merlo, the CEO of the U.S. pharmacy chain CVS, to stop selling tobacco products in the chain’s 7,600 stores, was a ray of hope and a step toward a future when public health concerns trump short-term profit motives.
 

Rethinking the household: the impacts of transfers

Markus Goldstein's picture
Two weeks ago, I blogged about some productive impacts of cash transfer programs.   For these effects, as well as the myriad other blog posts and papers on this topic out there, a key point is that the benefits of these transfers extend well beyond the actual individual recipient of the transfer.   
 

Weekly Wire: the Global Forum

Roxanne Bauer's picture

These are some of the views and reports relevant to our readers that caught our attention this week.

How Information Flows During Emergencies
MIT Technology Review
Mobile phones have changed the way scientists study humanity. The electronic records of these calls provide an unprecedented insight into the nature of human behaviour revealing patterns of travel, human reproductive strategies and even the distribution of wealth in sub-Saharan Africa. All of this involves humans acting in ordinary situations that they have experienced many times before. But what of the way humans behave in extraordinary conditions, such as during earthquakes, armed conflicts or terrorist incidents? READ MORE.

‘Fragile Five’ Is the Latest Club of Emerging Nations in Turmoil
The New York Times
The long-running boom in emerging markets came to be identified, if not propped up, by wide acceptance of the term BRICs, shorthand for the fast-growing countries Brazil, Russia, India and China. Recent turmoil in these and similar markets has produced a rival expression: the Fragile Five. The new name, as coined by a little-known research analyst at Morgan Stanley last summer, identifies Turkey, Brazil, India, South Africa and Indonesia as economies that have become too dependent on skittish foreign investment to finance their growth ambitions. The term has caught on in large degree because it highlights the strains that occur when countries place too much emphasis on stoking fast rates of economic growth. READ MORE.

Weekly Wire: The Global Forum

Roxanne Bauer's picture

These are some of the views and reports relevant to our readers that caught our attention this week.

How women will dominate the workplace BRIC by BRIC
CNN Opinion
Despite recent wobbles in the BRICS economies, most economists agree that the majority of world economic growth in the coming years will come from emerging markets. The story of their rise to date has been one in which women have played a large and often unreported role. I believe that as the story unfolds, women's influence will rise further and emerging markets' path to gender equality may follow a very different route to that of most developed countries. READ MORE

James Harding: Journalism Today
BBC Media Center
To so many journalists, Stead has been the inspiration, the pioneer of the modern Press. His zeal and idealism, his restless fury at inequality and injustice; his belief that dogged, daring investigations could capture the public’s imagination and prompt society to change for the better; his muscular opinions, his accessible design and his campaigning newspapers – and, no doubt too, a dab of ego, showmanship, and human folly – has made him the journalist’s editor. I remember standing in the newsroom of The Times in late 2010 when the then Home Editor told me of a story that Andrew Norfolk, our correspondent based in Leeds, was working on. It was about child sex grooming: the cultivation of young, teenage girls by gangs of men who plied them with drink and drugs and passed them around middle-aged men to be used for sex. And I remember thinking: ‘This can’t be true, this feels Dickensian, like a story from another age.’  READ MORE

Calibrating 2014

Otaviano Canuto's picture
The global economy looks poised to display better growth performance in 2014. Leading indicators are pointing upward – or at least to stability – in major growth poles. However, for this to translate into reality policymakers will need to be nimble enough to calibrate responses to idiosyncratic challenges.

The King Baudouin African Development Prize

Kristina Nwazota's picture
The King Baudouin Foundation has just announced that it is accepting nominations for its 2014-2015 African Development Prize. The Prize awards innovative initiatives that help local communities take development into their own hands and that improve quality of life. The Prize is worth 150.000 Euros and is awarded every other year. Previous winners include women's rights advocate Bogaletch Gebre of Ethiopia and Dr.

Securing peace with development, saying goodbye to a great leader

Makhtar Diop's picture

As we reflect on the promise of the New Year in Africa, the irrefutable link between peace and development has never been clearer after my recent travels.

Earlier this month, I joined leaders from 53 African nations, the United Nations, and the African and European Unions at the Elysee Summit for Peace and Security  in Africa to talk candidly about how our countries can work together to maintain and enhance peace.

We talked about what this would mean in practice. For example, we must curb drug trafficking on the continent, increase financing for African peacekeeping operations, fight terrorism, manage borders more securely, include women fully in the political and economic decision-making process, and condemn the intolerable persistence of sexual violence when conflicts do occur. This last measure was strongly endorsed by the First Ladies of the Summit who also met to discuss issues of gender, development, and women’s rights.

The African leaders recognize that for many of these measures to work, economic development must be twinned with public and private investment in business, technology, agriculture, climate-smart policies, and in young people who are fast becoming Africa’s driving force and future. Africa is now the world’s youngest continent and how well we meet the skills needs of our young people will greatly determine the continent’s future.

The Way We Move Will Define our Future

Marc Juhel's picture
Mobility is a precondition for economic growth: mobility for access to jobs, education, health, and other services. Mobility of goods is also critical to supply world markets in our globalized economy. We could say that transport drives development.
 

The Death of an Elder

Anne-Katrin Arnold's picture

An Elder has died. With Nelson Mandela’s death, “the world has lost a visionary leader, a courageous voice for justice, and a clear moral compass … an inspiration to us all,” said Kofi Annan in a message last week.

Nelson Mandela was the founder of a network of world leaders, called the Elders. The Elders are former holders of public office, former heads of state, activists, visionaries. They are independent, and their mission is to build peace. Mandela, as founder, was an Honorary Elder in this organization, but he was also an Elder to all of us. The global public’s strong emotional reaction to Mandela’s death indicates how deeply rooted the role of an Elder is even in today’s society, which seems to have gone a long way since the days of tribal culture, in which elders were formally acknowledged as leaders and advisors.


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